Broadcom — 2026Q2 财报
公布于 2026-06-03
每股收益 $2.44，预期 $2.40 — 超预期
次一交易日 -12.6%（收盘 2026-06-03 → 2026-06-04）
来源
新闻稿 ↗综述
Records on every headline line — revenue of $22.2 billion up 48%, with AI semiconductor revenue of $10.8 billion growing 143%, above the company's own forecast — and a Q3 guide of roughly $29.4 billion (up 84%) that implies the AI ramp is still accelerating, not plateauing. The call quantified how far demand runs ahead of supply: Hock Tan disclosed AI bookings of over $30 billion in the quarter, roughly triple shipments, anchored by multi-gigawatt frontier-lab commitments including a new agreement expanding Anthropic's next-generation TPU-based compute by another 5 gigawatts beginning 2027, and he reiterated fiscal 2027 AI revenue guidance in excess of $100 billion. Kirsten Spears pre-empted margin worries, attributing the guided gross-margin decline to roughly 74% to product mix rather than pricing.
财报电话会
财报电话会网络直播 ↗点评
引文为原始文件中的英文原话，未作翻译；其下一行是 TradingPilot 对它的解读。
来自财报
Broadcom's fiscal Q2 2026 (ended May 3, 2026) was a record quarter on every headline line: revenue, operating profit and free cash flow all set records, with AI semiconductors the engine — and the Q3 guide implies the AI ramp is still accelerating, not plateauing.
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“Revenue of $22,187 million for the second quarter, up 48 percent from the prior year period”
Record quarterly revenue of $22,187 million, up 48 percent year-over-year.
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“Q2 semiconductor revenue from AI of $10.8 billion grew 143% year-over-year, above our forecast, driven by increasing demand for custom AI accelerators and AI networking”
AI semiconductor revenue of $10.8 billion grew 143% year-over-year, above the company's own forecast, on demand for custom AI accelerators and AI networking.
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“GAAP diluted EPS of $1.91 for the second quarter; Non-GAAP diluted EPS of $2.44 for the second quarter”
Diluted EPS came in at $1.91 GAAP and $2.44 non-GAAP for the quarter.
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“Cash from operations of $10,493 million for the second quarter, less capital expenditures of $231 million, resulted in $10,262 million of free cash flow, or 46 percent of revenue”
Free cash flow was $10,262 million — 46 percent of revenue — from $10,493 million of operating cash flow less only $231 million of capital expenditures.
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“Third quarter fiscal year 2026 revenue guidance of approximately $29.4 billion, an increase of 84 percent from the prior year period”
Guidance calls for fiscal Q3 2026 revenue of approximately $29.4 billion, up 84 percent year-over-year — a sharp acceleration from Q2's 48 percent growth.
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来自电话会
On the call, management framed AI demand as far ahead of what Broadcom can ship — over $30 billion of AI semiconductor bookings against $10.8 billion shipped in the quarter — anchored by multi-gigawatt frontier-lab commitments (including a new 5-gigawatt Anthropic agreement starting 2027) and a reiterated fiscal 2027 AI revenue outlook in excess of $100 billion; CFO Kirsten Spears stressed that the guided gross-margin decline is product mix, not a structural change.
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“During the quarter, bookings for AI semiconductors were over $30 billion against the $10.8 billion we shipped.”
CEO Hock Tan disclosed that AI semiconductor bookings in the quarter were roughly triple shipments, quantifying the demand-over-supply gap.
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“In April, we entered into an agreement to enable Anthropic to access another 5 gigawatts of next-generation TPU-based compute beginning in 2027.”
Hock Tan detailed a new April agreement expanding Anthropic's access to next-generation TPU-based compute by another 5 gigawatts beginning in 2027, on top of the over 1 gigawatt being provided in 2026.
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“This decline in gross margin does not represent a structural change in semiconductor margin. Rather, it reflects product mix between semiconductors and infrastructure software.”
CFO Kirsten Spears pre-empted margin worries on the Q3 guide (consolidated gross margin down to approximately 74%), attributing the decline to revenue mix rather than semiconductor pricing.
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“Now we expect this momentum to continue into fiscal year 2027, and we reiterate our AI semiconductor revenue guidance to be in excess of $100 billion.”
Hock Tan reiterated fiscal 2027 AI semiconductor revenue guidance in excess of $100 billion.
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截至 2026-08-10